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William Hill fined £6.2M over money laundering failures

British gaming services company William Hill PLC said Feb. 20 that it entered into a regulatory settlement with the Gambling Commission to pay a total of £6.2 million over its failure "to ensure full regulatory compliance."

The Gambling Commission said in a Feb. 20 statement that William Hill breached anti-money laundering and social responsibility regulations between November 2014 to August 2016. The commission said that the company failed to mitigate risks and have sufficient staff for an effective anti-money laundering processes. As a result, ten customers were able to deposit "large sums" of money linked to criminal offences, the statement added. The deposits resulted in gains of approximately £1.2 million for William Hill.

William Hill said that £1.2 million of the settlement fee will be returned to the affected parties.